QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
one-third of one redeemable warrant |
||||
Large accelerated filer |
☐ |
Accelerated filer |
☐ | |||
|
☒ |
Smaller reporting company |
| |||
Emerging growth company |
|
Page |
||||||
| ||||||
Item 1. |
||||||
1 |
||||||
2 |
||||||
3 |
||||||
4 |
||||||
5 |
||||||
Item 2. |
17 |
|||||
Item 3. |
23 |
|||||
Item 4. |
23 |
|||||
| ||||||
Item 1. |
23 |
|||||
Item 1A. |
23 |
|||||
Item 2. |
24 |
|||||
Item 3. |
24 |
|||||
Item 4. |
24 |
|||||
Item 5. |
24 |
|||||
Item 6. |
25 |
|||||
26 |
March 31, 2022 |
December 31, 2021 |
|||||||
(Unaudited) |
||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash |
$ | $ | ||||||
Prepaid expenses |
||||||||
|
|
|
|
|||||
Total current assets |
||||||||
Investments held in Trust Account |
||||||||
|
|
|
|
|||||
Total Assets |
$ |
$ |
||||||
|
|
|
|
|||||
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | $ | ||||||
Accrued expenses |
||||||||
|
|
|
|
|||||
Total current liabilities |
||||||||
Deferred underwriting commissions |
||||||||
|
|
|
|
|||||
Total Liabilities |
||||||||
Commitments and Contingencies |
||||||||
Class A ordinary shares subject to possible redemption, $ |
||||||||
Shareholders’ Deficit: |
||||||||
Preference shares, $ |
||||||||
Class A ordinary shares, $ |
||||||||
Class B ordinary shares, $ |
||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total shareholders’ deficit |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit |
$ |
$ |
||||||
|
|
|
|
For The Three Months Ended March 31, 2022 |
For The Period From February 10, 2021 (inception) Through March 31, 2021 |
|||||||
General and administrative expenses |
$ | $ | ||||||
Administrative expenses - related party |
||||||||
|
|
|
|
|||||
Loss from operations |
( |
) | ( |
) | ||||
Other income: |
||||||||
Income from investments held in Trust Account |
||||||||
|
|
|
|
|||||
Total other income |
||||||||
|
|
|
|
|||||
Net loss |
$ |
( |
) |
$ |
( |
) | ||
|
|
|
|
|||||
Weighted average shares outstanding, Class A ordinary shares |
||||||||
|
|
|
|
|||||
Basic and diluted net loss per share, Class A ordinary shares |
$ | ( |
) | $ | ||||
|
|
|
|
|||||
Weighted average shares outstanding, Class B ordinary shares |
||||||||
|
|
|
|
|||||
Basic and diluted net loss per share, Class B ordinary shares |
$ | ( |
) | $ | ||||
|
|
|
|
Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Deficit |
|||||||||||||||||||||||||
Class A |
Class B |
|||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance - December 31, 2021 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2022 (Unaudited) |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary Shares |
Additional Paid-in Capital |
Accumulated Deficit |
Total Shareholders’ Equity |
|||||||||||||||||||||||||
Class A |
Class B |
|||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance - February 10, 2021 (inception) |
$ |
— |
$ |
$ |
$ |
$ |
— |
|||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor |
— | — | — | |||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance - March 31, 2021 (Unaudited) |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three Months Ended March 31, 2022 |
For The Period From February 10, 2021 (inception) Through March 31, 2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net loss |
$ | ( |
) | $ | ( |
) | ||
Adjustments to reconcile net loss to net cash used in operating activities: |
||||||||
General and administrative expenses paid by related party in exchange for issuance of Class B ordinary shares |
||||||||
Income from investments held in Trust Account |
( |
) | ||||||
Changes in operating assets and liabilities: |
||||||||
Prepaid expenses |
||||||||
Accounts payable |
||||||||
Accrued expenses |
||||||||
|
|
|
|
|||||
Net cash used in operating activities |
( |
) | ||||||
|
|
|
|
|||||
Net change in cash |
( |
) | ||||||
Cash - beginning of the period |
||||||||
|
|
|
|
|||||
Cash - end of the period |
$ |
$ |
||||||
|
|
|
|
|||||
Supplemental disclosure of noncash investing and financing activities: |
||||||||
Offering costs paid by related party in exchange for Founder Shares |
$ | $ |
• | Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
• | Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
• | Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
For The Three Months Ended March 31, 2022 |
For The Period From February 10, 2021 (inception) Through March 31, 2021 |
|||||||||||
Class A |
Class B |
Class B |
||||||||||
Basic and diluted net loss per ordinary share: |
||||||||||||
Numerator: |
||||||||||||
Allocation of net loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Denominator: |
||||||||||||
Basic and diluted weighted average ordinary shares outstanding |
||||||||||||
|
|
|
|
|
|
|||||||
Basic and diluted net loss per ordinary share |
$ | ( |
) | $ | ( |
) | $ | |||||
|
|
|
|
|
|
Gross proceeds |
$ | |||
Less: |
||||
Proceeds allocated to Public Warrants |
( |
) | ||
Class A ordinary share issuance costs |
( |
) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
||||
|
|
|||
Class A ordinary share subject to possible redemption |
$ | |||
|
|
• | in whole and not in part; |
• | at a price of $ |
• | upon a minimum of “30-day redemption period”); and |
• | if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations and the like and for certain issuances of Class A ordinary shares and equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination) for any |
Description | Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||
Funds that invest in U.S. Treasury Securities |
$ | $ | $ |
Description | Quoted Prices in Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||
Funds that invest in U.S. Treasury Securities |
$ | $ | $ |
ITEM 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
† | Certain of the exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(b)(2). The Registrant agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon its request. |
* | Filed herewith. |
** | Furnished. |
10X CAPITAL VENTURE ACQUISITION CORP. II | ||||||
Date: May 16, 2022 |
By: |
/s/ Hans Thomas | ||||
Name: |
Hans Thomas | |||||
Title: |
Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
Date: May 16, 2022 |
By: |
/s/ Guhan Kandasamy | ||||
Name: |
Guhan Kandasamy | |||||
Title: |
Chief Financial Officer | |||||
(Principal Financial and Accounting | ||||||
Officer and Duly Authorized Officer) |